Latest news with #InformationTechnologyRiskManagementGuidance
Fintech News ME
30-07-2025
- Business
- Fintech News ME
FSRA Updates Cyber Risk Management Rules for ADGM Financial Firms
The Financial Services Regulatory Authority (FSRA) of ADGM has announced the implementation of amendments to its regulatory framework concerning cyber risk management for Authorised Persons and Recognised Bodies. The updated requirements will take effect from 31 January 2026. The changes follow a consultation period and industry engagement stemming from Consultation Paper No. 3 of 2025. The amendments require firms to embed cyber risk considerations into their broader risk management frameworks. These revisions build on existing guidance, including the FSRA's Information Technology Risk Management Guidance and Governance Principles and Practices to Mitigate Cyber Threats and Crime. According to the FSRA, feedback from stakeholders generally supported the proposed direction as a necessary progression of the regulatory regime in response to the evolving cyber risk landscape. In light of this, the FSRA has introduced a six-month implementation period, clarified the principle of proportionality, and refined expectations regarding third-party IT service providers. Further guidance has been issued to assist firms in evaluating the materiality of cyber incidents. The FSRA also plans to revise its cyber incident notification template by the end of 2025. Commenting on the amendments, Emmanuel Givanakis, CEO of the FSRA, stated: 'By continuing to integrate global best practices into our framework, we safeguard the integrity of the financial services industry in ADGM. These recent developments demonstrate our ongoing dedication to responsible innovation and further position ADGM as a leading jurisdiction for secure and forward-looking financial activity.'
Al Etihad
29-07-2025
- Business
- Al Etihad
ADGM's FSRA issues cyber risk management framework
29 July 2025 16:58 ABU DHABI (WAM)The Financial Services Regulatory Authority (FSRA) of ADGM today announced the implementation of amendments to its regulatory framework for Authorised Persons and Recognised Bodies in relation to cyber risk management. Compliance with the amendments will be required from 31st January implementation follows extensive industry engagement and feedback received on Consultation Paper No. 3 of amendments require firms to integrate cyber risk management into their existing risk frameworks and build upon the FSRA's Information Technology Risk Management Guidance and Governance Principles and Practices to Mitigate Cyber Threats and received during the consultation period supported the amendments as a natural evolution of the FSRA's regulatory framework in this dynamic risk area. In response to this feedback, the FSRA has enhanced the proposed amendments by providing firms with a six-month period to ensure compliance, clarifying the principles of proportionality and integration of cyber risk management frameworks, and adapting requirements for arrangements with IT service FSRA has also revised its guidance to assist firms in assessing the materiality of cyber incidents and is planning to update its cyber incident notification template before the end of the year. Emmanuel Givanakis, Chief Executive Officer of ADGM's FSRA, said, 'These amendments reflect the FSRA's ongoing commitment to operational resilience and cybersecurity. By continuing to integrate global best practices into our framework, we safeguard the integrity of the financial services industry in ADGM. These recent developments demonstrate our ongoing dedication to responsible innovation and further position ADGM as a leading jurisdiction for secure and forward-looking financial activity.'
Zawya
29-07-2025
- Business
- Zawya
ADGM's FSRA issues cyber risk management framework
Amendments include integration of cyber risk management into existing risk management frameworks. A six-month transition period is provided to facilitate compliance. Abu Dhabi, UAE: The Financial Services Regulatory Authority (FSRA) of ADGM today announced the implementation of amendments to its regulatory framework for Authorised Persons and Recognised Bodies in relation to cyber risk management. Compliance with the amendments will be required from 31 January 2026. The implementation follows extensive industry engagement and feedback received on Consultation Paper No. 3 of 2025. The amendments require firms to integrate cyber risk management into their existing risk frameworks and build upon the FSRA's Information Technology Risk Management Guidance and Governance Principles and Practices to Mitigate Cyber Threats and Crime. Feedback received during the consultation period supported the amendments as a natural evolution of the FSRA's regulatory framework in this dynamic risk area. In response to this feedback, the FSRA has enhanced the proposed amendments by providing firms with a six-month period to ensure compliance, clarifying the principles of proportionality and integration of cyber risk management frameworks, and adapting requirements for arrangements with IT service providers. The FSRA has also revised its guidance to assist firms in assessing the materiality of cyber incidents and is planning to update its cyber incident notification template before the end of the year. Emmanuel Givanakis, Chief Executive Officer of ADGM's FSRA, said, 'These amendments reflect the FSRA's ongoing commitment to operational resilience and cybersecurity. By continuing to integrate global best practices into our framework, we safeguard the integrity of the financial services industry in ADGM. These recent developments demonstrate our ongoing dedication to responsible innovation and further position ADGM as a leading jurisdiction for secure and forward-looking financial activity.' The FSRA acknowledges the constructive and well-received feedback provided in response to the Consultation Paper. To view the amended legislation, click here: FSRA Rules (Cyber Risk Management) | Rulebook About ADGM ADGM, which opened on 21 October 2015, is the international financial centre (IFC) of the capital city of the United Arab Emirates. ADGM is contributing significantly to Abu Dhabi's position as a leading financial centre and a business hub, serving as a strategic link between the growing economies of the Middle East, Africa, South Asia, and the rest of the world. Operating within a regulatory framework based on the direct application of English Common Law, ADGM governs the entirety of Al Maryah Island and Al Reem Island, collectively designated as the financial free zone of Abu Dhabi. ADGM is a top-ranking IFC in the Middle East and Africa region. Its progressive and inclusive business ecosystem fosters growth, resilience, and optimism for global financial and non-financial institutions. Growing synergies between ADGM and other jurisdictions have positioned it as one of the world's most advanced, diverse, and progressively governed financial hubs. For more details on ADGM, please visit or follow us on LinkedIn and Instagram: @ADGM X: @adglobalmarket For media queries, please contact: E: media@
